Ahead of OPEC meet traders get edgy, oil prices decline

World
| Nov. 21, 2017, 8:36 a.m.

New York, Nov 21: Oil prices declined as investors became cautious ahead of an OPEC (Organisation of the Petroleum Exporting Countries) meeting next week, a media report said.
OPEC and other key oil producers will meet on November 30 to discuss whether to extend the current price-supporting curbs on crude output, Xinhua news agency reported.

In a bid to end a global oversupply, the group has been restraining output since the start of this year

It is widely expected that the agreement will be extended to cover the next year.

Meanwhile, a strong dollar dented market sentiment for the dollar-priced oil. The dollar index, which measures the greenback against six major peers, was up 0.40 per cent at 94.038 in late trading.
IANS